Saatvik Green Energy Acquires 80% Stake in Transformer Manufacturer

MERC Rejects Avaada’s ₹477 Million Change-in-Law Compensation Claim

CleanCapital Sells 120 MW Solar Project in Ohio

MERC Approves Tariffs for 8 MW Round-the-Clock Renewable Energy

EMERAM Acquires Stake in Home Energy Management Firm Solar Manager

Maharashtra Forms Panel to Review Electricity Duty on Rooftop Solar

Sterling and Wilson’s Revenue Drops 23% but Profit Surges in Q4 FY 2026

Adani Green Energy Operationalizes 292 MW Solar Project in Gujarat

EIE Renewables to Acquire 150 MWh Battery Storage Project in Bihar

MERC Approves 60 MW Wind-Solar PPA Withdrawal, Citing High Tariff


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2026/04/amazon_polly_93082.mp3?version=1775630290">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.workongrid.com/" target="_blank" rel="noopener">WorkOnGrid</a>, an AI-native operations intelligence platform for power, water and gas utilities, has raised ₹225 million (~$2.43 million) in a funding round led by <a href="https://www.transitionventurecapital.com/" target="_blank" rel="noopener">Transition VC</a>. The funding round also saw participation from <a href="https://iangroup.vc/" target="_blank" rel="noopener">the Indian Angel Network</a>.</p>
<p>The funds will be used to scale WorkOnGrid’s global go-to-market efforts, enhance its AI and machine learning capabilities, and build international infrastructure.</p>
<p>WorkOnGrid is developing a unified data intelligence layer for power, water, and gas utilities to address growing challenges stemming from rising operational complexity, the need for real-time decision-making, and fragmented systems.</p>
<p>The intelligence layer platform will integrate data from different sources, such as financial systems, smart meters, and geographic information systems, into a single queryable environment. This integration will enable sub-second insights and automated workflows.</p>
<p>The platform is based around an integrated architecture that combines a data lakehouse, operational intelligence, workflow automation, and AI-driven analytics. It helps utilities transition from reactive operations to predictive, increasingly autonomous decision-making to improve the efficiency and reliability of critical infrastructure.</p>
<p>WorkOnGrid is working with over 20 utilities worldwide and manages data from millions of smart meters. Notably, the platform has been deployed with Apraava Energy.</p>
<p>An increasing number of smart grid companies are raising funds to develop technologies to enhance grid intelligence, efficiency, and automation with digital and AI-driven solutions.</p>
<p>Last October, Bengaluru-based renewable energy intelligence company Smart Grid Analytics <a href="https://www.mercomindia.com/smart-grid-analytics-raises-3-3-million-from-strategic-investors?" target="_blank" rel="noopener">raised</a> $3.3 million (~₹289.75 million) in funding from strategic investors and clean energy veterans worldwide. The funding will be used to develop technology to make renewable power projects more intelligent, efficient, and autonomous, enabling grids to meet and exceed renewable energy targets.</p>
<p>In 2025, corporate funding for smart grid companies <a href="https://www.mercomindia.com/energy-storage-sees-increased-vc-investment-momentum-in-2025?" target="_blank" rel="noopener">rose</a> 38% year-over-year to $3.3 billion across 84 deals, up from $2.4 billion across 67 deals in 2024, according to Mercom Capital Group’s Annual and Q4 2025 Funding and M&amp;A Report for Smart Grid. Deal activity increased 25% during the year. Venture capital funding for smart grid companies reached $1.8 billion across 68 deals in 2025, up 6% from $1.7 billion across 56 deals in 2024.</p>


WorkOnGrid Raises ₹225 Million to Scale Data Intelligence for Power Utilities


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2026/01/amazon_polly_89088.mp3?version=1768378007">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://greentechmw.com/" target="_blank" rel="noopener">GreenTech</a>, an operations and maintenance (O&amp;M) company specializing in wind turbine asset management, has raised ₹300 million (~$3.3 million) in its first funding round, comprising a mix of equity and debt, led by <a href="https://www.transitionventurecapital.com/" target="_blank" rel="noopener">Transition VC</a>.</p>
<p>The company plans to deploy the funding to expand its global infrastructure, upgrade its artificial intelligence and machine learning-based predictive maintenance platforms, strengthen its supervisory control and data acquisition (SCADA) analytics systems, and accelerate business development across India and key international wind markets.</p>
<p>The company also plans to expand its repair and refurbishment facility into a multi-disciplinary hub covering mechanical, electrical, generator, gearbox, and electronic card repairs, deepen its analytics engine, and scale AI-driven predictive maintenance algorithms. The company is targeting a multifold increase in revenues over the next 24 months.</p>
<p>GreenTech operates a global control center from Coimbatore and leverages advanced SCADA systems and artificial intelligence (AI)/machine learning (ML)-enabled models to improve turbine uptime, reduce downtime, and optimize energy generation across wind farms.</p>
<p>Its services are designed to manage multi-brand turbine fleets, addressing a market traditionally dominated by original equipment manufacturers that rely on manual, reactive maintenance practices.</p>
<p>According to the company, conventional O&amp;M models in India often lead to delayed fault detection, higher operational costs, and underperformance of assets. GreenTech claims its technology-led architecture enables real-time anomaly detection, failure forecasting using AI and machine learning, remote performance monitoring, and advanced blade inspection technologies.</p>
<p>The company operates more than 400 MW of wind projects across India and Asia, including Vietnam and Sri Lanka, and is expanding into additional Southeast Asia and Middle East, and North Africa markets. Its supply-chain ecosystem includes more than 100 suppliers, over 20 repair loops, seven major component partners, and an inventory of over 6,000 components.</p>
<p>India <a href="https://www.mercomindia.com/india-reclaims-third-position-behind-china-us-in-global-wind-installations" target="_blank" rel="noopener">reclaimed</a> the third position behind China and the U.S. in the global wind market in 2025 after record additions, according to BloombergNEF.</p>
<p>India <a href="https://www.mercomindia.com/indias-wind-energy-installations-up-105-yoy-in-q3-2025" target="_blank" rel="noopener">added</a> 1.4 GW of wind energy capacity in the third quarter (Q3) of 2025, a 105% year-over-year increase from 706.5 MW, according to Mercom India Research. Capacity additions, however, fell 11% compared to Q2 2025.</p>


GreenTech Raises ₹300 Million to Scale Wind Turbine Asset Management


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2024/05/amazon_polly_66377.mp3?version=1716209435">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Pune-based mobility and energy solutions provider <a href="https://matel.co.in/" target="_blank" rel="noopener">Matel</a> has secured $4 million in Series A financing, spearheaded by <a href="https://transitionventurecapital.com/" target="_blank" rel="noopener">Transition VC</a>. <a href="https://www.gruhas.com/" target="_blank" rel="noopener">Gruhas</a> and Haresh Abichandani, founder of <a href="https://www.millenniumsemi.com/" target="_blank" rel="noopener">Millenium Semiconductors</a>, also participated in the round.</p>
<p>Established in 2017, Matel specializes in producing synchronous machines and motor controllers for e-mobility, industrial usage, agricultural pumping, and the heating, ventilation, and air conditioning sector.</p>
<p>Focused on crafting high-efficiency electric motors and controllers, the company delivers a comprehensive powertrain solution to original equipment manufacturers (OEM) in the electric vehicle (EV) and industrial sectors.</p>
<p>The startup has developed various EV powertrains, encompassing motors, motor control units, vehicle control units, transmissions, and battery management systems.</p>
<p>Matel&#8217;s solutions cover a range of EVs, including 2-wheelers, 3-wheelers, 4-wheelers, buses, and off-road vehicles. The company commenced mass production of powertrains in April 2024 following validation and certification by several EV OEMs.</p>
<p>Mahesh Toraskar, Founder of Matel, said, &#8220;This fundraiser marks a pivotal moment in our journey, empowering us to further enhance the experience of our customers and partners while simultaneously advancing our vision for a sustainable future. We plan to allocate the raised capital for scaling up production, new product development, and expanding our R&amp;D team and required equipment over the next three years.&#8221;</p>
<p>The company has planned for product expansion across multiple segments. Soon, it will supply products for both traction and auxiliary applications in the commercial vehicle segment, focusing on the 350V segment with power capacities exceeding 100 KW.</p>
<p>Matel is gearing up to introduce products in the 600V range with power capacities surpassing 200 kW by the financial year 2026. Over the next two years, it also intends to enter the electric motors market required for defense applications.</p>
<p>Backed by a robust order book and concrete plans to expand its product portfolio, Matel aims to achieve annual sales exceeding ₹1 billion (~$12 million) by the following year.</p>
<p>Speaking on Transition VC&#8217;s investment in Matel, its co-founder and managing partner, Raiyaan Shingati, said, &#8220;We are confident in Matel founders&#8217; capability to lead the company to success given their expertise and experience with industry giants like Bajaj, Ola, and Maruti Suzuki. With our successful investments in other startups in the EV segment, like EMO.energy, we&#8217;re keen on Matel&#8217;s focus on motors &amp; motor controllers, crucial in the EV value chain.&#8221;</p>
<p>Nikhil Kamath, Co-founder of Gruhas, said, &#8220;Energy transition is the future. As the EV movement gains momentum across the country, Matel stands at a pivotal moment, uniquely positioned to power this shift with their advanced, sustainable electric drivetrains and motor controllers. We&#8217;re excited to be a part of their journey, contributing to the growth of home-grown brands that are delivering exceptional value and driving positive change in the mobility and energy sectors.&#8221;</p>
<p>Recently, automobile manufacturer Mahindra &amp; Mahindra <a href="https://www.mercomindia.com/mahindra-120-billion-ev-expansion" target="_blank" rel="noopener">announced</a> it plans to invest ₹120 billion (~$1.43 billion) in its EV unit, Mahindra Electric Automobile, over the next three years.</p>
<p>EV sales in India <a href="https://www.mercomindia.com/ev-sales-sustain-growth-momentum-q1-2024" target="_blank" rel="noopener">reached</a> a record 486,669 units in the first quarter of 2024, a jump of over 40% year-over-year against the 347,676 units. Mahindra sold 1,982 electric four-wheelers during the quarter.</p>


Mobility Solutions Firm Matel Aims for Growth with $4M Funding

transition-vc

Get the most relevant India solar and clean energy news.

RECENT POSTS